Genus Regulatory News (GNS)

9 Jan 2007 07:00

Genus PLC09 January 2007 For Immediate Release 9 January 2007 GENUS plc ('Genus' or 'the Company') Pre-Close Trading Update Genus plc, the world's leading animal genetics company, is pleased to announce that trading in the six month period ended 31 December 2006 has been in line with the Board's expectations and, as already reported, the synergies and cost savings achieved through the acquisition of Sygen International plc continue in line with our enhanced targets of both quantum and timing. The Board currently anticipates that market conditions will be broadly unchanged for the second half of the financial year. In progressing towards the announced move from AIM to the Official List, the Company is preparing its historical accounts for the fifteen months to 30 June 2006 under International Financial Reporting Standards ("IFRS"). This work is substantially complete and is in the process of being audited. The impact of adopting IFRS on these accounts compared with the current accounting practice ("UK GAAP") is expected to be material in relation to the Agricultural Assets Standard, IAS 41. As anticipated, the impact of this Standard will be to increase the Company's net assets significantly as at 30 June 2006 by fair valuing the Company's biological assets principally associated with the Company's studs and nucleus herds. The impact of other differences is expected to be immaterial. A transition document which will illustrate the reconciling differences between UK GAAP and IFRS will be available on the Company's website prior to the intended announcement on 13 March 2007 of the Interim Results for the six months ended 31 December 2006. After considering the complexity and additional cost of auditing the interim results, required only for listing purposes, the Board has decided to conduct the move to the Official List after the audited results for the year ending 30 June 2007 have been published. In pursuit of the Board's strategy to improve liquidity in Genus shares and to reduce the administration costs of servicing small shareholders, the Company carried out a further voluntary share buyback programme in December 2006. As a result, we are pleased to announce that a total of 836,469 shares (1.5% of issued share capital) were placed with institutions under this programme. For further information please contact: Genus plc Tel: 01256 347 100 Richard Wood, Chief ExecutiveDavid Timmins, Finance Director Buchanan Communications Tel: 020 7466 5000 Charles RylandSuzanne BrocksSimon Potter This information is provided by RNS The company news service from the London Stock Exchange